Pakistan Appoints Binance's CZ as Crypto Advisor to Boost Web3 Growth

Changpeng “CZ” Zhao, the former CEO of Binance, has been appointed as a strategic adviser to Pakistan’s newly formed Crypto Council. This regulatory body was established to oversee the country’s adoption of blockchain technology and digital assets. The appointment was confirmed during Zhao’s visit to Pakistan, where he met with key government officials including Prime Minister Shehbaz Sharif and Finance Minister Muhammad Aurangzeb.

Zhao will provide guidance on cryptocurrency regulation, infrastructure, education, and adoption. He will work closely with the Pakistani government and private sector to develop a compliant and globally competitive crypto ecosystem. The Pakistan Crypto Council (PCC) was established in March under the Finance Division and is chaired by Finance Minister Aurangzeb. The council includes other key government stakeholders such as the State Bank of Pakistan governor and the Securities and Exchange Commission of Pakistan chairman.

“This is a landmark moment for Pakistan,” said Finance Minister Aurangzeb. “We are sending a clear message to the world: Pakistan is open for innovation. With CZ onboard, we are accelerating our vision to make Pakistan a regional powerhouse for Web3, digital finance, and blockchain-driven growth.” Pakistan has been showing strong interest in cryptocurrency adoption, ranking in the top 10 globally for crypto adoption, with an estimated 20 million active cryptocurrency users and over $20 billion in crypto transactions.

Zhao is one of the most recognizable figures in the crypto industry, having served as CEO of Binance between 2017 and 2023. Despite his high profile, Zhao’s appointment comes after his resignation as Binance CEO in November 2023, following his guilty plea to charges related to violating US money laundering laws. He was later sentenced to four months in prison. During the announcement of his appointment, Zhao expressed optimism about Pakistan’s potential in the crypto space. “Pakistan is a country of 240 million people, over 60% of whom are under the age of 30. The potential here is limitless,” he remarked.

Pakistan has long been considered a potential hub for crypto adoption due to its growing population, large diaspora, and high demand for foreign exchange trades. The country has $35 billion in annual remittances, positioning it to benefit from crypto adoption. Bilal bin Saqib, CEO of the Pakistan Crypto Council, previously stated that the country plans to develop a clear regulatory framework for digital assets. “Pakistan is done sitting on the sidelines,” Saqib said. “We want to attract international investment because Pakistan is a low-cost high-growth market with a Web3 native workforce ready to build.”

The appointment of Zhao signals Pakistan’s commitment to joining other progressive nations as a Web3-ready country. This move is expected to attract international investment and foster the growth of the crypto sector in Pakistan, leveraging Zhao’s expertise and the country’s strategic advantages.